United Kingdom GDP Annual Growth Rate

The Gross Domestic Product (GDP) in the United Kingdom expanded 2.70 percent in the fourth quarter of 2013 over the same quarter of the previous year. GDP Annual Growth Rate in the United Kingdom is reported by the Office for National Statistics. GDP Annual Growth Rate in the United Kingdom averaged 2.53 Percent from 1956 until 2013, reaching an all time high of 10.20 Percent in the first quarter of 1973 and a record low of -6.80 Percent in the first quarter of 2009. From 1993 to 2007 the United Kingdom has reported an average annual rate of growth of 3.3 percent. Yet, since the recession in 2008 and 2009 the growth has been sluggish and in the last three years averaged meager 0.9 percent. This page provides - United Kingdom GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. 2014-04-25

Actual Previous Highest Lowest Forecast Dates Unit Frequency
2.70 1.80 10.20 -6.80 1.87 | 2014/03 1956 - 2013 Percent Quarterly

TO

United Kingdom GDP Annual Growth Rate
LIST BY COUNTRY


CALENDAR GMT Country Event Reference Actual Previous Consensus Forecast
2013-12-20 09:30 AM United Kingdom
GDP Growth Rate YoY - Final
Q3 2013 1.9% 2.0% (R) 1.5% 1.5%
2014-01-28 09:30 AM United Kingdom
GDP Growth Rate YoY Prel
Q4 2013 2.8% 1.9% 2.8% 2%
2014-02-26 09:30 AM United Kingdom
GDP Growth Rate YoY - 2 Est
Q4 2013 2.7% 1.9% 2.8% 2.8%
2014-03-28 09:30 AM United Kingdom
GDP Growth Rate YoY Final
Q4 2013 2.7% 1.8% (R) 2.7% 2.7%
2014-04-29 09:30 AM United Kingdom
GDP Growth Rate YoY Prel
Q1 2014 2.7% 1.87%
2014-05-22 09:30 AM United Kingdom
GDP Growth Rate YoY - 2 Est
Q1 2014 2.7%
[+]

GDP Last Previous Highest Lowest Forecast Unit
GDP per capita 37849.57 2012-12-31 38032.40 40027.05 13478.93 37647.96 2014-06-30 USD [+]
GDP per capita PPP 32722.52 2012-12-31 32880.58 34605.04 17907.45 32548.22 2014-06-30 USD [+]
GDP Growth Rate 0.70 2013-12-31 0.80 5.30 -2.50 0.92 2014-03-31 Percent [+]
GDP Annual Growth Rate 2.70 2013-12-31 1.80 10.20 -6.80 1.87 2014-03-31 Percent [+]
GDP Constant Prices 387138.00 2013-11-15 384996.00 392786.00 88041.00 389288.92 2014-03-31 GBP Million [+]
Gross Fixed Capital Formation 55896.00 2013-11-15 54709.00 70435.00 10182.00 56518.49 2014-03-31 GBP Million [+]
Gross National Product 400795.00 2013-11-15 398055.00 409331.00 4776.00 404888.51 2014-03-31 GBP Million [+]
GDP 2440.00 2012-12-31 2431.59 2810.97 72.33 2480.52 2014-06-30 USD Billion [+]
[+]


UK Economy Advances 1.7% in 2013

The UK GDP expanded at its fastest pace in three years in 2013. Final estimates showed the economy advanced 1.7 percent, compared with a meager 0.3 percent expansion in 2012. Between Q4 2012 and Q4 2013, the GDP increased by 2.7 percent, unrevised from the previous estimate.

The final figure for 2013 was revised down 0.1 percentage points from the previously estimated 1.8 percent increase.

Annually, between 2012 and 2013 household final consumption expenditure increased by 2.2 percent, and has been revised down by 0.2 percentage points since the previous estimate. This remains the highest annual growth rate since 2007. Government final consumption expenditure increased by 0.7 percent, revised down 0.2 percentage points from the previous estimate.

Non-profit institutions serving households final consumption expenditure increased by 3.2 percent and gross fixed capital formation fell by 0.6 percent, a downward revision of 0.1 percentage points from the previous estimate. 

The deficit in the trade balance was £ 20.0 billion in 2013. Between 2012 and 2013 exports increased by 1.0 percent and imports by 0.5 percent.

ONS | Joana Taborda | joana.taborda@tradingeconomics.com
3/28/2014 11:32:45 AM

RECENT RELEASES

UK GDP Growth Revised to 2.7% YoY in Q4
In the fourth quarter of 2013, UK's economy expanded 2.7 percent over a year earlier, revised down 0.1 percentage points from the previously estimated 2.8 percent increase. For full 2013, the economy advanced 1.8 percent, revised down 0.1 percentage points from the previously estimated 1.9 percent increase. Published on 2014-02-26

UK GDP Advances 2.8% YoY in Q4 2013
Preliminary estimates showed the UK's economy advanced 2.8 percent yoy in the last quarter of 2013, up from 1.9 percent in the previous period. It is the highest growth rate since the first three months of 2008. Published on 2014-01-28


GDP Annual Growth Rate | Notes
The annual growth rate in Gross Domestic Product measures the increase in value of the goods and services produced by an economy over the period of a year. Therefore, unlike the commonly used quarterly GDP growth rate the annual GDP growth rate takes into account a full year of economic activity, thus avoiding the need to make any type of seasonal adjustment.


RELATED NEWS

UK Unemployment Rate Down to 5-Year Low  
In the three months to February of 2014, UK jobless rate fell to 6.9 percent, down from 7.2 percent in the previous period. Pay growth rose 1.7 percent and caught up with inflation for the first time in nearly four years.
UK Inflation Rate Slows Further in March  
UK annual consumer prices fell to its lowest in over four year in March of 2014. The inflation rate decelerated for the sixth consecutive month to 1.6 percent, down from 1.7 percent in February, due to lower fuel, clothing and furniture prices.
BoE Leaves Rate Steady  
At its April 10th, 2014 meeting, Bank of England decided to leave the benchmark interest rate on hold at 0.5 percent and the size of its asset purchase programme unchanged at £375 billion, as widely expected.
UK Trade Deficit Narrows in February  
Britain’s goods and services trade gap decreased to £ 2.06 billion in February of 2014, down from a revised £ 2.2 billion deficit in the previous month, as both exports and imports fell.
UK Economy Advances 1.7% in 2013  
The UK GDP expanded at its fastest pace in three years in 2013. Final estimates showed the economy advanced 1.7 percent, compared with a meager 0.3 percent expansion in 2012. Between Q4 2012 and Q4 2013, the GDP increased by 2.7 percent, unrevised from the previous estimate.
UK GDP Growth Confirmed at 0.7% in Q4  
UK economy advanced 0.7 percent quarter on quarter in the last three months of 2013, in line with previous estimates. Full-year GDP growth in 2013 was revised down to 1.7 percent from 1.8 percent recorded earlier.
UK Inflation Rate Slows to 4-Year Low  
In February of 2014, UK’s annual consumer prices eased to 1.7 percent, the lowest rate since October of 2009, dipping further below the Bank of England's target. The biggest downward contribution was transport cost, mainly fuel prices, which showed its biggest drop since September 2009.
UK Unemployment Rate Steady at 7.2%  
In the three months to January of 2014, UK jobless rate remained unchanged at 7.2 percent, after rising to that level in the three months to December of 2013. Claimant count decreased more than expected and average weekly earnings picked up.
UK Trade Deficit Widens 76% YoY in January  
UK’s trade deficit increased sharply to £ 2.56 billion in January of 2014, compared with a £ 1.45 billion gap a year earlier and a revised £ 0.66 billion deficit in December of 2013. Exports of goods and services fell to a 14-month low hurt by lower sales of aircraft and chemicals.
BoE Leaves Monetary Policy Unchanged  
The Bank of England’s Monetary Policy Committee decided on March 6th 2014 to maintain the bank rate on hold at 0.5 percent, as widely expected. The stock of asset purchases was also left unchanged at 375 billion pounds.
MORE RELATED NEWS

LATEST NEWS

Tokyo Core CPI At 22- Year High in April  
Core consumer prices in Tokyo, a leading indicator of nationwide inflation, rose 2.7 percent in April from a year earlier, the fastest gain since 1992 as an increase in sales tax drove up cost of goods and services.
US Durable Goods Orders Surge in March  
New orders for manufactured durable goods in March increased $6.0 billion or 2.6 percent to $234.8 billion. This increase, up two consecutive months, followed a 2.1 percent February increase.
US Jobless Claims Rise in Latest Week  
In the week ending April 19, the advance figure for seasonally adjusted initial claims was 329,000, an increase of 24,000 from the previous week's revised level. There were no special factors impacting this week's initial claims.
Central Bank of Turkey Leaves Main Rates on Hold  
The Monetary Policy Committee decided on April 24th, 2014, to leave the one-week repo rate on hold at 10.0 percent for the third straight meeting. The Central Bank said it will maintain the current policy stance until there is a significant improvement in the outlook for inflation.
Swiss Trade Surplus Narrows Further in March  
The trade surplus decreased 10.6 percent in March of 2014 from the previous month to CHF 2.1 billion as imports rose at a higher pace than exports. Compared with a year earlier, the trade balance increased by 17.2 percent, driven by stronger sales of pharmaceuticals and chemicals products, and machinery to Europe and China.
Polish Unemployment Rate Falls in March  
Poland’s jobless rate dropped for the second straight month in March of 2014 to 13.5 percent, down from 13.9 percent in February and below market forecasts. A year earlier, unemployment was recorded at 14.3 percent.
South Korean Economy Expands at a Fastest Pace  
In the first quarter of 2014, South Korea’s GDP accelerated for the fourth straight quarter to an annual 3.9 percent growth rate, driven by exports.
South Korea GDP Growth Beats Expectations in Q1  
South Korean GDP expanded a seasonally adjusted 0.9 percent on quarter in the first three months of 2014, the same rate recorded in the previous quarter and above market expectations.
Reserve Bank of New Zealand Increases Interest Rate to 3.0%  
At its April 23rd, 2014 meeting, the Reserve Bank of New Zealand lifted the benchmark interest rate for the second straight meeting by 25 bps to 3.0 percent, as inflationary pressures were increasing and were expected to continue doing so over the next two years.
US New Home Sales Fall Sharply in March  
Sales of new single-family houses dropped 14.5 percent in March of 2014 to their lowest level in eight months. Sales were recorded at a seasonally adjusted annual rate of 384,000, below the revised February rate of 449,000.
MORE TOP NEWS

OVERVIEW    |     WORLBANK    |     [+] Calendar    |     [+] Countries    |     [+] Indicators    |     News






Markets

GDP

Labour

Prices

Money

Trade

Government

Business

Consumer

Taxes

Housing